AlphaLab/tidbits
Rejection Letter from November 2008 I wanted to thank you for applying to the AlphaLab program. We have been very encouraged by the strong interest in AlphaLab, having received over 50 applications for the 2009 Winter/Spring program. Since the application deadline, we have been reviewing all of the applications and consulting with our advisors to help us select a subset of companies to advance to the next step in our process. I regret that your application was not selected for this next step in the process. Due to our aggressive schedule in the weeks ahead, we will be limited in our ability to provide applicants with detailed individual feedback. However, I wanted to share information with you about our application review process and provide you with some general feedback on how we selected applicants for the next round and some factors that helped applicants differentiate themselves. We hope that this information will be beneficial and provide many of you with the encouragement to continue developing your company and, if appropriate for you, to apply again during our next application cycle. Our process consisted of a review of applications by AlphaLab team members, members of Innovation Works’ investment committee, and our team of outside advisors. Based on this review and feedback, we selected about a quarter of the applications for advancement to the next step. We evaluated the applications on many criteria, including the uniqueness of the product/technology, the market and competitive environment, progress-to-date, the team’s background/capabilities, the team structure and its ability to commit significant time to AlphaLab and the overall fit of the application with the software, Internet and entertainment technology trends in the marketplace. We acknowledge that any application review and selection process is not perfect and that every application is different, but we also wanted to share a few things that helped selected applicants differentiate themselves: · The application conveyed a unique and innovative technology or product concept. · The application communicated a strong understanding of the market/technology environment and discussed how the product/concept fit into the marketplace. · The product concept had the potential to develop into a successful business model that could attract interest from potential investors. · The application defined a realistic, focused plan for the team’s goals during AlphaLab · The resumes and background information provided demonstrated the team’s ability to execute on its plans, especially in product development · The application discussed in detail the availability/commitments of the team during the AlphaLab program. · The application highlighted progress that had already been made on the product/concept · The application showed how it was a good fit for AlphaLab - in terms of the software/Internet/entertainment technology focus or in terms of what the applicant wanted to get from AlphaLab beyond the $25K investment. While these were differentiating factors for many, that does not mean that applications not selected did not have many of these qualities. In fact, in many cases, it was simply a matter of numbers and the fact that in our collective assessment, another application made a stronger case on one or more of these dimensions. We hope this detailed explanation gives you a perspective into the challenge we faced in selecting applications for advancement. There were many applications that we liked that we were not able to select and we hope that you will continue to develop your company or concept and that you will be part of the AlphaLab community. We plan to stay in touch and let you know about related events and news in the entrepreneurial software community. We thank you again for your interest and support for the AlphaLab program and we sincerely hope you will stay in touch and, if appropriate for you, consider applying during our next application cycle which will start in the spring of 2009. With sincere thanks, Jim C. Jen Director, AlphaLab jjen@innovationworks.org Category:4Rs